EquiLend announced that BNY and National Bank of Canada began executing trades on 1Source’s distributed ledger technology (DLT) to increase efficiency, reduce breaks, and eliminate reconciliations.
The momentum behind 1Source continues to accelerate, with a global broker dealer set to join BNY and National Bank of Canada with live transactions on the platform imminently and additional counterparties nearing adoption, further expanding the network and compounding the benefits of industry-wide synchronization.
1Source is expected to transform global securities finance workflows by establishing a single, golden source of truth for securities lending and financing transactions. The DLT-based platform was developed by EquiLend with input and collaboration from a group of leading market participants to remove downstream reconciliations, increase operational efficiency, and reduce trade breaks in securities finance. The platform is expected to streamline how trading and operations behave to improve costs, automation, and overall efficiency.
“The onboarding of BNY and National Bank of Canada to 1Source marks another significant step forward in our mission to transform post-trade infrastructure across the securities finance industry,” said Rich Grossi, CEO of EquiLend, in a statement. “Each new participant strengthens the network effect of 1Source, accelerating the industry-wide benefits of improved accuracy, transparency, and efficiency.”
According to third-party estimates, EquiLend’s 1Source has the potential to save industry participants hundreds of millions of dollars each year through greater operational efficiency, optimized costs and resources, and improved profitability.
“By using 1Source, we’re aiming to manage challenges associated with manual reconciliation, while delivering benefits to our clients,” said Nehal Udeshi, head of Securities Finance at BNY, in a statement. “As more counterparties join, scale will drive improved efficiencies and smoother collaboration for everyone involved, and we look forward to working together to expand the network.”
“We are pleased to join 1Source as part of our ongoing focus on technology-driven solutions for our clients and counterparties,” said Carl Attie, managing director and head of Global Securities Finance at National Bank of Canada, in a statement. “This milestone lays the foundation for broader adoption and future enhancements, enabling us to streamline processes, increase efficiency and enhance resilience in the securities finance marketplace.”
“We are thrilled to welcome BNY and National Bank of Canada to 1Source, alongside the growing pipeline of institutions preparing to come on board.” said Nick Delikaris, chief product officer at EquiLend, in a statement. “1Source is rapidly becoming the foundational layer of infrastructure that will define the future of securities finance.”